InterDigital (NASDAQ:IDCC) Reaches New 52-Week High – Here’s What Happened

InterDigital, Inc. (NASDAQ:IDCC)’s share price hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $164.32 and last traded at $156.17, with a volume of 37330 shares. The stock had previously closed at $147.72.

Analysts Set New Price Targets

A number of research firms have commented on IDCC. StockNews.com raised shares of InterDigital from a “hold” rating to a “buy” rating in a research report on Tuesday, October 15th. Roth Mkm lifted their price objective on shares of InterDigital from $146.00 to $160.00 and gave the company a “buy” rating in a report on Wednesday, September 11th.

InterDigital Price Performance

The company has a market cap of $3.76 billion, a PE ratio of 21.72, a price-to-earnings-growth ratio of 0.97 and a beta of 1.39. The company has a quick ratio of 1.51, a current ratio of 1.51 and a debt-to-equity ratio of 0.03. The firm has a 50 day simple moving average of $141.90 and a 200-day simple moving average of $125.41.

InterDigital (NASDAQ:IDCC) last issued its quarterly earnings data on Thursday, August 1st. The Wireless communications provider reported $4.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $3.77. InterDigital had a net margin of 37.99% and a return on equity of 44.57%. The firm had revenue of $223.49 million for the quarter, compared to the consensus estimate of $95.63 million. As a group, research analysts predict that InterDigital, Inc. will post 9.06 earnings per share for the current fiscal year.

InterDigital Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th were issued a $0.45 dividend. This is a positive change from InterDigital’s previous quarterly dividend of $0.40. This represents a $1.80 annualized dividend and a yield of 1.21%. The ex-dividend date was Wednesday, October 9th. InterDigital’s payout ratio is currently 26.47%.

Insider Activity

In other news, CTO Rajesh Pankaj sold 700 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $142.78, for a total transaction of $99,946.00. Following the transaction, the chief technology officer now owns 54,984 shares in the company, valued at $7,850,615.52. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Derek K. Aberle sold 2,005 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $134.40, for a total value of $269,472.00. Following the completion of the transaction, the director now owns 7,639 shares in the company, valued at $1,026,681.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Rajesh Pankaj sold 700 shares of the business’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $142.78, for a total value of $99,946.00. Following the sale, the chief technology officer now owns 54,984 shares in the company, valued at approximately $7,850,615.52. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 5,205 shares of company stock worth $716,218. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in InterDigital during the third quarter valued at $26,000. 1620 Investment Advisors Inc. acquired a new position in shares of InterDigital in the 2nd quarter valued at about $29,000. GAMMA Investing LLC lifted its holdings in shares of InterDigital by 50.8% in the 2nd quarter. GAMMA Investing LLC now owns 368 shares of the Wireless communications provider’s stock valued at $43,000 after buying an additional 124 shares during the period. Nisa Investment Advisors LLC grew its holdings in InterDigital by 38.0% during the second quarter. Nisa Investment Advisors LLC now owns 396 shares of the Wireless communications provider’s stock worth $46,000 after acquiring an additional 109 shares during the period. Finally, Palisade Asset Management LLC purchased a new position in InterDigital during the first quarter valued at approximately $64,000. 99.83% of the stock is currently owned by hedge funds and other institutional investors.

InterDigital Company Profile

InterDigital, Inc operates as a global research and development company with focus primarily on wireless, visual, artificial intelligence (AI), and related technologies. The company engages in the design and development of technologies that enable connected in a range of communications and entertainment products and services, which are licensed to companies providing such products and services, including makers of wireless communications, consumer electronics, IoT devices, and cars and other motor vehicles, as well as providers of cloud-based services, such as video streaming.